Ola Electric
Bengaluru, India, March 22, 2022 /PRNewswire/
Ola Electric, India’s leading electric vehicle manufacturer, has invested in Israeli battery technology company StoreDot, a pioneer in XFC (“Extreme Fast Charging”) batteries.
The investment in StoreDot is the first of several global strategic investments Ola Electric plans to expand its core research and development in advanced cell chemistry and manufacturing, as well as other battery technologies and new energy systems.
As part of the StoreDot investment, Ola Electric will gain access to the company’s state-of-the-art XFC battery technology, which charges a battery from 0 to 100% in just five minutes. In addition, Ola will have exclusive rights to manufacture batteries using StoreDot’s fast charging technology in India.
The company plans to set up a cell manufacturing gigafactory in the country to meet the demand of the Ola Futurefactory, the world’s largest 2W factory, and already has a bid under the government’s PLI program for Advanced Chemistry Cell Battery Storage submitted.
Bhavish Aggarwal, the founder and CEO of Ola, stated: “We are committed to the ‘Mission Electric’ and to accelerating the global transition to electric mobility. Our goal is to build a complete electric vehicle ecosystem here in India. The future of electric vehicles lies in better, faster, high-energy-density batteries that charge quickly and offer longer ranges. We are increasing our investments in core cell and battery technologies, expanding our in-house capacity and hiring professionals from around the world. We also enter into partnerships with global companies that are doing innovative work in this area. Our partnership with StoreDot, a pioneer in ultra-fast battery charging technologies, is strategic and the first of many.”
dr Doron Myersdorf, CEO of StoreDot, reiterated: “We are very pleased about this strategic partnership with Ola. Both companies are committed to a zero-emission world, clean air in our cities and want to ensure that EV drivers never have to worry about charging times and range. Ola Electric’s plans to introduce StoreDot extreme fast charging battery technology in India and manufacture it for its EVs will offer consumers in India significantly better range and charging speed. We also offer our customers a clear, hype-free technology roadmap that will reach far into the future. Within a decade, we want to make a 100-mile range in just two minutes possible.”
StoreDot has developed an extremely fast 5-minute battery charging technology and plans to mass produce it in a few years. In addition, the company is working on a 2-minute charging technology, which should come onto the market in the next 10 years. Its silicon-dominated anode technology is a significant improvement over traditional lithium-ion batteries, reducing EV charging times from several hours to just five minutes.
Information about Ola
Ola is India’s largest mobility platform and one of the world’s largest ride-hailing companies. Ola revolutionized urban mobility by making it available on-demand to more than a billion people across 3 continents. Today, Ola is leading the way to more sustainable Continuing mobility, both through its ride-hailing platform and advanced electric vehicles manufactured in its Futurefactory, the largest, most modern and most sustainable two-wheeler factory in the world.Ola is committed to transforming the world to sustainable mobility and them to make it better than we found it.
For more information, contact: Krishnakoli Dutta
Corporate Communications, Ola Electric
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